Question

A.State whether the following statements are true or false :- (i) Assets side of Balance Sheet represents debit balance. (ii) Suspense Account appearing in the Trial Balance is shown in the Balance Sheet. (iii) Accrued income appearing in the Trial Balance is shown in P&LA/c . (iv) Bank Overdraft is a contingent liability. (v) Goods given away as charity are deducted from purchases and are shown on the Debit side of P&LA/c . (vi) Prepaid rent is personal account. (vii) Interest on drawings is an income for the business. (viii) Life Insurance Premium is treated as drawings.​

Answer 1

Answer:

I)false ii)true iii)false iv)true v)false vi)true